From the November 1, 2011 CGX presentation they are using an unrisked (proven discovery) value of $15.82 @ BBL which if Jaguar proves up 1 Bil BBL's would give CGX 250 Mil BBL's @ $15.82 a NAV of 3.9 bil div by 470 mil F/D O/S shares = 8.40 SP on Jaguar alone using CGX's November number's.

Valuation of Just 6 Prospects 100% CGX
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P50 3.3 billion barrels recoverable Independent Resource Assessment
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Probability of Success ~ 1:5
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NPV20 risked $1.59 per barrel $5 billion
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NPV10 risked $3.17 per barrel $10 billion
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NPV10 unrisked $15.82 per barrel $50 billion